During the last year, Rivian fundraised $700 million from several investors including Amazon, the major online retailer, which also signed a contract with the company to make 100,000 electric delivery vehicles.
Not long afterward, Rivian was able to raise another $500 million from major auto manufacturer Ford and $350 million from Cox Automotive.
Just based on these large investments Rivian can take on electric vehicle rival Tesla, which also aims to have its own electric SUV and truck on the market soon. As the year ended Rivian managed to snag even more funds through Amazon and Ford again.
By the end of 2019, the company had raised almost $3 billion. With a production plant already established these new funds will be used to develop three newer electric models which could cost around $1 billion to create.
Rivian has a new trick
Even with all the new funds, will Rivian's vehicles do well at market?
Many within the industry believe as autonomous cars struggled to find traction in 2019, electric vehicles could find growth in 2020. However, Rivian won't be the sole manufacturer in the marketplace. Over a dozen electric vehicle models will be out including several offerings from Tesla, Nissan, Volvo, Ford, and Mini. All of these companies offer a variety of vehicles, many of which undercut the average price of a Rivian truck or SUV.
Rivian does offer one feature other manufacturers don't. Both of its R1T and R1S models will have a "tank turn" feature allowing both vehicles to rotate using all four wheels, enabling them to rotate and turn on a fixed point. Aimed at off-roading enthusiasts and urban drivers, this feature will allow their vehicles to park into smaller spaces like those found on construction sites, smaller driveways, and parking garages. The feature could also be upgraded to provide easier and automatic parallel parking.
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